Morris said: "If you come to Canada to hunt for investment opportunity the odds are pretty high that you will be
looking into the energy space" and went on to share his view on the sector. "When evaluating an energy company, most investors tend to focus on the economics of existing assets,
sometimes assigning extra value for undeveloped land. However, many oil and gas wells deplete at 20-30% annually
which means existing assets will disappear within five years."

Morris believes that management is therefore tasked with reallocating the
capital earned from drilled wells every year. "And they invest a lot of capital! For example, EnCana, which is currently
worth $15 billion, reinvests about $5 billion annually. Considering the magnitude of spending that can occur, the
future value of an energy company will be heavily influenced by its future investment decisions."

As a result, Morris and his partner John Ewing focus their attention on the capital allocation record of the manage......................